In Quibdó, the Banco de la República explains its strategy to strengthen the provision of cash to citizens
This June 23, a working group will be held with commercial banks, unions and other actors involved in the provision of cash, in order to socialize the progress of the actions that are being implemented for the supply of bills and coins and the new services that will be enabled in the city of Quibdó. These actions are aimed at continuing to strengthen the circulation of cash in the quantity, quality and timeliness required in the different areas of the country.
In this sense, the Banco de la República has been implementing works in conjunction with other channels for the provision of cash with the participation of third parties, among these, financial entities such as credit establishments authorized to receive deposits in national currency and those who have the obligation to have banknotes and coins in the quality and quantities required by citizens.
In the case of Quibdó, the work table will take place in the Auditorium of the Cultural Agency of the Bank of the Republic, with the participation of commercial banks, unions, the Chamber of Commerce and other interested parties, to publicize the different actions that are being implemented and the services that will be offered in the city:
Cash needs in Quibdó will be met through commercial banks and Complementary Cash Centers – CCE in a scheme similar to the one that has operated for several years in some cities of the country where there is no Bank treasury area.
Currently, the CCE in Quibdó is located at Calle 28 # 4-20 and provides the service of provision of low-denomination bills and metallic coins to financial entities, clients of the securities transporter that operates the services through CCE and to third parties ( chain stores, public transport services, tolls, etc.). Similarly, it provides the service of receipt of consignments only from commercial banks.
Credit establishments authorized to receive deposits in national currency are required to have the banknotes and coins they require to adequately attend to their operations. In this way, in these entities, businesses and citizens can obtain cash in all denominations, subject to the different contracts they enter into with them.
Currently, the expansion of the CCE’s services is being contracted to include exchange operations for high-denomination banknotes in deteriorated condition (10,000, 20,000, 50,000 and 100,000 pesos) in exchange for high-denomination banknotes suitable for circulation.
Finally, it is important to mention that the Banco de la República continues to evaluate different alternatives that strengthen the distribution of low-denomination cash and that expand the channels of attention to citizens and small merchants in the city of Quibdó, with the start-up of a test Cash Exchange Points pilot.
The service through these points will allow citizens to carry out cash exchange operations, through companies that provide collection and payment services, delivering low-denomination bills ($2,000 and $5,000) in a state fit to circulate in exchange for bills high denomination in any condition (roadworthy or deteriorated) and low denomination in deteriorated condition.